Accounts - Principles of Accounts Past Questions and Answers

Use the following information to answer the questions below.<br/>Extracts from the books of a firm as at June 30, 2012 showed the following balances.<br/>\(\begin{array}{c|c} <br/>& \text{Dr GH¢} & \text{Cr GH¢} \\<br/>\hline Advertising & 36,000 & - \\ <br/>\hline <br/>Electricity & 60,000 & - <br/>\end{array}\)Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.<br/>Advertising owing in respect of the year ended June 30, 2012 is _______?

Use the following information to answer the questions below.<br/>Extracts from the books of a firm as at June 30, 2012 showed the following balances.<br/>\(\begin{array}{c|c} <br/>& \text{Dr GH¢} & \text{Cr GH¢} \\<br/>\hline Advertising & 36,000 & - \\ <br/>\hline <br/>Electricity & 60,000 & - <br/>\end{array}\)Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.<br/>What was the amount charged to the profit and loss account in respect of advertising for the ended June 30 2012 is_____?

Use the following information to answer the questions below.<br/>Extracts from the books of a firm as at June 30, 2012 showed the following balances.<br/>\(\begin{array}{c|c} <br/>& \text{Dr GH¢} & \text{Cr GH¢} \\<br/>\hline Advertising & 36,000 & - \\ <br/>\hline <br/>Electricity & 60,000 & - <br/>\end{array}\)Advertising was paid by cheque covering 12 months installments ending March 31 2012. Electricity was paid by cash covering 15 monthly installments from March 1, 2011.<br/>Electricity in arrears as at June 30, 2012 amounted to

The cost of putting goods into a saleable condition is charged to

Which of the following is not a method of depreciating fixed assets?